When it comes to living a frugal lifestyle, or working on your personal finances to make a better life for yourself, it can be hard to plug along. Motivation can get to a point of getting so low that you think “is this really worth it?” We’ve had this issue quite a few times since we’ve started to be frugal, but there is one thing that can keep you going. Accomplishment.
Recently, I was able to send in my very last student loan payment. After struggling back and forth trying to get it done, while paying other bills, saving for a home and trying to provide for our growing kids, it’s done. I’m finished. We are officially debt free. Now, even though I am ecstatic about finishing off our last debt(that is, until we finally get our house and a mortgage), I can’t’ help thinking what if I had never had that loan in the first place. How much would I have saved? Would life had turned out differently? Luckily, I can across this awesome depiction of how student loans can effect your finances in the long run. And I have to admit, it’s pretty accurate. Hopefully those of you who are struggling to get those loans paid off, or you parents who are thinking about how you or your kids are going to pay for college someday, can get something from this. And please, share with friends. Knowledge is power!
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Congratulations. What a weight lifted!!! I know you are proud of your accomplishments and you should be. Awesome!!!
Thank you Kathy! Yes, it feels really good. Glad to have it finished so I can focus on something else.
Congrats!
When I graduated college (in the dark ages), I had one student load that I had taken out just so I could set it aside and have something to live on until I got my first real job. I actually needed that money. I also had a small amount of debt. I met my husband shortly after graduate (like, a month). He had student loan debt too. I was fortunate to get a small inheritance when my step-grandmother died. The first thing I did is pay off my loans! Because of that, I could save for a wedding — and I also paid off my first car.
It was not a lot of money. But because I paid debt off when I had a small windfall, it made it easier when both hubby and I (when we actually got married) faced a short period of unemployment.
This was in the late 80’s when unemployment was also high and interest rates were high as well. That one thing helped us a lot too because it enhanced our credit rating at a time most people would be experience trouble. So I think it’s a great thing to take the route to repayment that you have at your age — it will help your future a lot. Congrats!
First congrats! That is awesome and we’re proud of you. The burning question that I still ponder is…was it worth it? Four years and all of that money later, do I really have a better job than if I had not gone to college? I look at some of my friends who bypassed college and learned a trade. They started earning sooner and weren’t stapped with as much debt. I’d love to hear what others have to say on this topic.